June 2025 Newsletter

Welcome to the June edition of the CannaMLS Newsletter! This month, we cover the latest momentum across the regulated US cannabis market. Delaware takes key steps toward launching adult-use sales, while national legal cannabis sales surpassed $10.5B year-to-date. Montana also posted strong numbers, with $129 million in 2025 sales so far and double-digit growth expected.

We also spotlight our Financing Request tool, open to all users—so you can connect with cannabis operators seeking funding directly. As always, thank you for being part of the CannaMLS community!

Delaware’s new Marijuana Commissioner, Josh Sanderlin, is accelerating efforts to launch the state’s recreational cannabis market. While no dispensaries have opened since 2023, the state has begun issuing conditional licenses for cultivation, with retail licenses expected soon.

Sanderlin emphasized his focus on safe and effective implementation, noting that conditional licensees will have 18 months to become operational. He believes that once cannabis businesses are established and operating responsibly, local opposition will begin to ease.

Delaware is also addressing zoning challenges and regulatory bottlenecks that have hindered progress. Legislation is under consideration to reduce restrictive buffer zones around sensitive areas, which would make it easier for cannabis businesses to find viable locations.

The Commissioner expressed strong support for Delaware’s social equity licensing framework and conversion licenses for medical dispensaries. He praised the state’s targeted funding approach to empower underserved communities and ensure more equitable access to capital.

As the Office of Marijuana Commissioner works through licensing and compliance processes, Sanderlin remains optimistic that Delaware is on track to open retail cannabis locations and build a sustainable, community-integrated market.

Legal Retail Sales Climb Year on Year

Legal cannabis continues to reshape the American economy, with May 2025 setting a new benchmark for the sector. According to fresh data published by The Marijuana Herald, the U.S. legal cannabis industry generated $2.2B in sales during the month, pushing year-to-date revenue to over $10.5 billion. If this pace holds, analysts expect the sector to exceed $34B in sales by year-end—a new annual record.

Leading this growth are states like California and Michigan, which continue to dominate the national charts. Meanwhile, emerging adult-use markets in Missouri, Maryland, and New York posted strong monthly figures in the triple-digit millions, underscoring increasing consumer demand in newly regulated environments. Industry experts point to growing consumer trust and expanding access as key drivers behind this sustained growth.

This surge in sales is accompanied by broader economic impact. The industry supports an estimated 425,000 full-time jobs and has funneled over $24B in cumulative tax revenue to state governments since 2014. These funds are being reinvested in public infrastructure, education, and healthcare programs—demonstrating the value of regulated cannabis markets beyond direct sales.

Real estate developers and investors are responding to this momentum with strategic acquisitions across cultivation, manufacturing, and retail verticals. Licensing activity is particularly robust in states with maturing frameworks like New Jersey and Connecticut, where local governments are actively issuing new permits to meet rising consumer demand. In these markets, industrial and commercial cannabis-zoned properties are experiencing price increases due to limited inventory and strong competition.

While operators continue to grapple with high compliance costs and federal uncertainty, the outlook for licensed cannabis real estate remains bullish. With more states expected to open adult-use markets in the coming year, real estate professionals who act early may benefit from first-mover advantages in high-growth territories.

Source

• U.S. Legal Marijuana Sales Reach $2.2 B in May, Pushing 2025 Total Past $10.5 B – The Marijuana Herald (June 11 2025)

Montana Cannabis Sales Hit $129M YTD; State Projects Double-Digit Growth

• Record Revenue
  • Adult-use and medical sales topped $129M through May 2025, driving Montana’s all-time cannabis revenue above $1.07B.
• Consistent Monthly Gains
  • May sales climbed to $27.4M—the highest monthly total since October—highlighting sustained consumer demand.
• Expansive Retail Footprint
  • Montana hosts 450+ licensed dispensaries, the nation’s highest per-capita density, with state officials forecasting 10-15% sales growth for 2025.

Arizona Cannabis Tax Haul Tops $122M YTD 2025, Signaling Market Strength

• May Revenue Rebound
  • The state collected $24.7M in marijuana taxes in May, boosting year-to-date revenue past $122M.
• Economic Impact
  • Revenues fund community colleges, public safety, and highway projects—underscoring cannabis’ role in state infrastructure investment.
• Statewide Footprint
  • Arizona now counts 171 licensed cannabis establishments, operating under a limited-license model that helps stabilize asset values

New York Adds 52 Licenses & Equity Grants Boost Real-Estate Momentum

• License Wave
  • 52 adult-use licenses approved on 21 May 2025—68% awarded to Social & Economic Equity entrepreneurs.
• Fresh Openings
  • Five new dispensaries launched the week of 19 May across Albany, Brooklyn, Lake George, Olean, and the Bronx.
• Grant Funding
  • $5 million CAURD grant program offers up to $30k for each new retailer’s real-estate buildout.

Sources

1. Montana Department of Revenue – “Cannabis Sales Reports,” updated Jun 2025
2. The Marijuana Herald – “Montana: $129 Million in Legal Cannabis Sold So Far in 2025,” 16 Jun 2025
3. FundCanna – “Big Sky, Big Opportunity: Business Growth Insights for Montana’s Cannabis Market,” May 2025
4. Real Estate Daily News – “Arizona Cannabis Tax Revenue Surges in May, Now Over $122 Million in 2025,” 9 Jun 2025
5. GreenPharms – “The Arizona Cannabis Industry in 2025: Economic Powerhouse,” 16 Jun 2025

Request Cannabis Business Financing

CannaMLS now allows users to submit financing requests directly to cannabis-friendly lenders. Whether you're launching a business, expanding operations, or investing in a licensed facility, this tool helps connect you with potential funding sources quickly and securely.

To submit your financing request, visit our financing form. One or more lenders may contact you directly to discuss your needs. Please note that CannaMLS does not underwrite loans or guarantee approval. No financing receipt is implied or assured.

This feature is available to all users and is designed to support the growth of licensed cannabis operators by improving access to capital in an evolving marketplace.

The Premier Marketplace for Cannabis Licenses, Businesses, and Properties

Since we launched in 2017, CannaMLS has been the go-to site for buying and selling licensed cannabis facilities across the U.S. List your business for free or search our database to find the perfect facility to buy. Want help buying or selling a cannabis facility? Contact a CannaMLS PRO today!